May 16, 2023 - May 17, 2023 / NTS GMT
Patrick Duffy - Red 5 Limited - CFO
Good morning, everybody. I'm the CFO of Red 5. Red 5 has recently built King of the Hills, and first gold was in June last year. King of the Hills is one of the largest long-life gold mines in Australia.
And it's five years since we saw such a mine of this scale built in Australia, which was the Gruyere gold mine built by Gold -- Anglo Ashanti and by Gold Road. It's also another five years before we can expect another gold mine in this scale, which is most likely to be integrated. So King of the Hills is quite unique; 15-year mine life, 200,000 ounce per annum production.
Similar to the Gruyere gold mine in its first year or two, it had its challenges ramping up. Unfortunately, King of the Hills, we've also had challenges. But since February, when we completed the cutback and cut into the primary ore body in the open pit, we're now seeing consistent monthly record production, generating positive cash flow, and we're well placed to deliver on the operational promise that we had when we did the original studies for King of the Hills.
Red 5 Ltd at Resources Rising Stars Gold Coast Conference Transcript
May 16, 2023
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